Header
Dec
22nd

Bingo Players Ned to Pay Attention to Currency Exchange Rates

Internet bingo players in the United States must play at offshore bingo sites thanks to federal laws prohibiting the processing of any gambling related transactions by banks and credit and debit card companies. Because of this many American players are forced to participate in bingo games where prizes may be in British Pounds or Euros. Exchange rates can easily affect winnings and an unfavorable exchange rate can seriously reduce the size of a huge bingo jackpot. In addition many credit card companies charge hefty fees for foreign currency transactions. Currency conversion fees are around 3% and in many cases the fees are charged without the knowledge of the cardholder.

Although American players have been shut out of most UK and European bingo sites there are still a few that are still accepting American players. Players appreciate the security and safety provided by bingo sites licensed in reputable licensing jurisdictions. There is no need for players to be confused by currency exchange rates. There are several free currency converters available online. Most are easy to use and will convert any currency in seconds. One of the most popular currency converters is the XE Universal Currency Converter. The service is totally free and uses the most current exchange rates. There are a few internet bingo sites that offer games in several major world currencies. Players should be aware that some bingo sites charge a conversion fee. For details players should contact customer service or the FAQ section at bingo sites.

Exchange rates can help or hinder internet bingo players. During the last four years the Euro has fluctuated between $1.25 and $1.45 vs. the US dollar. For example if a player won a jackpot denominated in Euros at an exchange rate of $1.45 and the exchange rate changed to $1.25 suddenly the player would lose some serious cash especially if they won a large bingo jackpot. Fortunately the British pound has been relatively stable and many sites accepting American players are targeting a UK audience.  In some cases generous bingo deposit bonuses and promotions can help to mitigate the losses caused by unfavorable currency exchange rates.

About two years ago UK bingo giant 888 Holdings reported a drop in revenues that the company’s CEO blamed on unfavorable exchange rates for 95% of the sudden drop in revenues. Players that are paid in Pounds or Euros need to pay close attention to current exchange rates.